
Reaction to eventful Monday bodes well for markets
Monday was a somewhat eventful day for markets with several headlines in the US and Europe. Risk assets did not necessarily reflect the eventfulness of the day, finishing virtually unchanged, while rates had a volatile day that ultimately produced a sizeable rally.

Flash Fixed Income: Are markets complacent on tariff risks?
The question for investors now is how much of the macro risk remains, and how well that risk is being reflected in asset valuations.

US Autos: a bottom-up view of tariffs and the macro
Thus far in 2025, the prevailing and overriding topic of conversation amongst economists and market participants has been tariffs and what they might mean for the global macro outlook.

European banks bullish despite tariff uncertainty
European banks are coming to the end of the Q1 2025 reporting season, and on the surface there are multiple headwinds to contend with.

What does UK deal tell us about tariffs?
With much fanfare, President Trump and Prime Minister Starmer announced a “historic” trade deal between the US and UK on Thursday. The main points for the UK are a reduction in auto tariffs from 27.5% to 10% for the first 100,000 cars that enter the US, and the removal of steel and aluminium tariffs.

TwentyFour strengthens Asset-Backed Securities team
TwentyFour Asset Management is pleased to announce that Melania Maffei has joined its Asset-Backed Securities (ABS) team.

The state of play in fixed income after April turmoil
April was one of the most volatile months across financial markets in recent memory, triggered by President Trump’s sweeping tariff announcement on April 2.

Was negative US growth actually negative?
The Bureau of Economic Analysis (BEA) published its first estimate for Q1 US GDP growth, which at -0.3% was slightly worse than the Bloomberg consensus of -0.2% on a quarter-on-quarter (QoQ), seasonally adjusted, annualised basis.

Lottomatica reopens high yield for right names
The high yield bond market reopened in Europe last week after a three-week hiatus triggered by the US tariffs fallout. Aside from a private placement by Very Group on April 10, the last public European high yield deal was from UK homebuilder Miller Homes on March 31, so we were interested to see how the first post-tariffs deal would be received.

Rating upgrades highlight Europe’s improved position
With a week currently feeling like a long time in geopolitics, the European sovereign crisis at the beginning of the last decade feels even more like a distant memory. The road to recovery for Europe’s periphery economies has been long and windy, but post-Covid it has been surprisingly smooth.

TwentyFour Asset Management launches asset-backed finance fund
TwentyFour Asset Management has expanded its offering with the launch of a new asset-backed finance (ABF) fund.

What next for European ABS post-tariffs?
Markets settled down last week thanks to the absence of headlines around tariffs. There is a universal acceptance that uncertainty and volatility will remain, though a series of constructive data prints relating to inflation and labour markets have now been navigated, and investors are shifting their focus to how central banks will weigh up the growth and inflationary impact of tariffs at the next round of meetings.
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